Which of the following types of stores has a high gross margin, a narrow product assortment, and a high level of service?
A. supermarket
B. warehouse club
C. convenience store
D. full-line discount store
E. specialty store
Answer: E
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Order handling refers to the process by which products are made available to a customer
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The information from a cost accounting system allows managers to make decisions about planning and directing, but not about controlling. 2. Cost accounting systems are primarily concerned with accumulating product cost information. 3. When direct materials are received on the production floor, they are recorded on the job cost record. 4. When raw materials are requisitioned for a job, the Raw Materials Inventory account is debited. 5. Manufacturing Overhead is a temporary account used to accumulate indirect production costs during the accounting period.
If demand changes greatly with a small change in price, the demand is ________
A) variable B) inelastic C) derived D) elastic E) negative
Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating it was the final offer that would be valid for one month only
Two days later, Kent offered to pay $60,000 for the farm. Luke received Kent's offer a week later and he declined it. After ten days, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor? A) Luke's original offer of $75,000 is still valid, even though rejected. B) Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid. C) Kent's acceptance was past the set time period in the offer. D) Kent acted in an incompetent manner toward the offer.